N.Y. Not-For-Profit Corp. Law § 620

§ 620. Preemptive rights.\n There shall be no preemptive rights in relation to membership\ncertificates or cards, capital certificates, subvention certificates, or\nbonds. In the case of bonds having lawful voting rights, this section\nshall not invalidate otherwise valid contract provisions designed to\nprotect such voting rights.\n